Just Eat Takeaway acquired in €4.1 billion deal
Investment fund Prosus is acquiring Thuisbezorgd's parent company Just Eat Takeaway for 4.1 billion euros, the two companies announced on Monday. The takeover of the Dutch meal delivery company must still be approved by shareholders and the relevant authorities.
Prosus and Just Eat Takeaways (JET) agreed on a price of 20.30 euros per share, about 7.5 euros above the closing price on Friday and about 50 percent higher than the average price of the share over the past six months. It is therefore expected that the vast majority of shareholders will approve the acquisition.
The offer from Prosus is entirely in cash, which means that the shareholders who decide to sell their shares to the company will receive cash money in return. Generally in acquisitions like these, part of the takeover is paid for in shares of the new merged company.
The takeover of JET will significantly increase Prosus’s interest in meal delivery in Europe. For JET, Prosus offers more capital to expand. JET’s supervisory board unanimously supported the offer.
“We are very excited for Just Eat Takeaway.com to join the Prosus group and the opportunity to create a European tech champion,” said Prosus CEO Fabricio Bloisi. “We believe that combining Prosus' strong technical and investment capabilities with Just Eat Takeaway.com’s leading brand position in key European markets will create significant value for our customers, drivers, partners, and shareholders.”
“Just Eat Takeaway.com is now a faster-growing, more profitable, and predominantly European-based business. Prosus fully supports our strategic plans and its extensive resources will help to further accelerate our investments and growth across food, groceries, fintech, and other adjacencies. We are looking forward to an exciting future together,” said JET CEO and founder Jitse Groen.
